Bitcoin....who's gotten into it?

[byates1]

discount btc tip:

ada is surging now, release of smart contracts mid sept.. could be 7$ or higher

buy ada, wait till it 3-5x's, convert into btc.

also buy ada and hold for 10 years for potential 100x..

[byates1]

this guy is young but offers a reasoned cogent explanation imo:

[frorider]

https://www.coindesk.com/gary-gensle...zation-theater. Opinion piece, seems objective.

[stalefish3169]

https://www.coindesk.com/gary-gensle...zation-theater. Opinion piece, seems objective.

People that fail to realize why BTC is so important need to understand this.

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[stalefish3169]

Welcome back 50k. Hope y'all bought the dip.

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[shera]

Welcome back 50k. Hope y'all bought the dip.

Always. All the way down to 29k. Wasn't worried for a minute, just excited for the opportunity.

[stalefish3169]

Always. All the way down to 29k. Wasn't worried for a minute, just excited for the opportunity.

Congrats!

It's great having you and your conviction in this thread. Really helps balance out the "it's all going to zero" crowd.

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[Bunion 2020]

So you just needed a little confirmation bias?

[shera]

So you just needed a little confirmation bias?

I wish I could get some confirmation bias for link. It's ada this and ada that, all on promises. Link is actually a working first mover with a giant moat!

[Dexter Rutecki]

From a guy I know who studies this kind of stuff...there's about 20 other slides, but I find this to be a good summary. (I know this won't change the opinion of the true believers, but I find it a lot more convincing than the 'bitcoin will appreciate forever' bandwagon.)

[frorider]

Thx, that slide helps sharpen an investment strategy. In that $22-151 range, $37 seems to be about the right compromise. So when BTC dips below $37, I’ll buy a shit ton. Seems well aligned with TRG number theory.

[Dexter Rutecki]

Yeah, I'm a little skeptical of how they arrived at that $151 number, but $37 I guess I could be persuaded. $151 seems awfully high.

[stalefish3169]

From a guy I know who studies this kind of stuff...there's about 20 other slides, but I find this to be a good summary. (I know this won't change the opinion of the true believers, but I find it a lot more convincing than the 'bitcoin will appreciate forever' bandwagon.)

Is your buddy's name Peter Schiff? You should tell him that his old model doesn't apply to disruptive technology.

Crytpo doesn't create cash flows: False. DeFi yields can give great APYs, much better than TradFi 0.25% "high-yield" savings accounts or negative interested like they've got going on Yurp, with very little risk via services such as BlockFi or Celsius.

Crytpocurrencies are not digital gold: True and False. Crytpocurrencies are not, Bitcoin is. Bitcoin beats the shit out of gold in almost every characteristic of money (fungibility, divisibility, transportability, ease of verification, etc.) except for length of use.

Money Supply: False. The supply of BTC is way more "real" and transparent than the "infinite" amount of dollars at the federal reserve.

The rest of that chart is too stupid to even try to respond to, other than saying that BTC's consensus algorithm, Proof of Work, is very equitable. You invest some resources, you get a reward.

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[stalefish3169]

I wish I could get some confirmation bias for link. It's ada this and ada that, all on promises. Link is actually a working first mover with a giant moat!

Agree with you on ADA. Not saying the price won't continue to pump, but Charles is cringe AF and I don't think there are enough Haskell programmers in the world to make ADA capable of living up to a fraction of its market cap anytime soon.

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[stalefish3169]

And here comes the pullback. BTC to 10k trolls gonna be out really soon. PG might even grace us with his presence again.

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[MultiVerse]

The rest of that chart is too stupid to even try to respond to, other than saying that BTC's consensus algorithm, Proof of Work, is very equitable. You invest some resources, you get a reward.

It’s a bummer Proof-of-Work came before Proof-of-Stake. If PoS came first nobody would bother with ridiculous PoW.

Even if you can get your hands on a newer GPU or ASIC you still have to contend with the heat, noise and maintenance from PoW mining. Even then, bitcoin mining at residential power rates is mostly uncompetitive against warehouses full of mining machines. Not to mention personally contributing to the 152 TWh per year, 75 Megatons CO2, and massive amounts of electronic waste it generates.

Bitcoin "mining" requires so much energy it singlehandedly revived phased-out coal & gas plants in places like NY, PA, MT, and KY. By definition the difficulty of mining bitcoin tends to asymptotically approach the value of mining at scale in the place with the cheapest electricity. Mining bitcoin at home at residential rates is a guaranteed to lose money.

[stalefish3169]

It’s a bummer Proof-of-Work came before Proof-of-Stake. If PoS came first nobody would bother with ridiculous PoW.

Even if you can get your hands on a newer GPU or ASIC you still have to contend with the heat, noise and maintenance from PoW mining. Even then, bitcoin mining at residential power rates is mostly uncompetitive against warehouses full of mining machines. Not to mention personally contributing to the 152 TWh per year, 75 Megatons CO2, and massive amounts of electronic waste it generates.

Bitcoin "mining" requires so much energy it singlehandedly revived phased-out coal & gas plants in places like NY, PA, MT, and KY. By definition the difficulty of mining bitcoin tends to asymptotically approach the value of mining at scale in the place with the cheapest electricity. Mining bitcoin at home at residential rates is a guaranteed to lose money.

We get it. You don't like POW.

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[JimmyCarter]

Welcome back 50k. Hope y'all bought the dip.

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You’re becoming a pretty good contra-indicator here

[stalefish3169]

You’re becoming a pretty good contra-indicator here

It was obvious a pullback was coming. We just went from 30 to 50 in a month. Funny all the bears had nothing to say while we were going up.

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[Dexter Rutecki]

Pretty sure you'll hear from all of them when the bubble really bursts--below $1000 and $500 things should start to get fun. (But tulips will always be a good store of value!!)

[MultiVerse]

We get it. You don't like POW.

In case you haven't figured it out yet: it's one thing to ignore the environmental damage caused by Bitcoin’s toxic algorithm, it's another to promote it as a good thing.

[stalefish3169]

In case you haven't figured it out yet: it's one thing to ignore the environmental damage caused by Bitcoin’s toxic algorithm, it's another to promote it as a good thing.

Keep advocating for the Petro Dollar!

Any comments on the increase in green BTC mining now after the great China exodus?

https://moneyweek.com/investments/al...newable-energy

"The Bitcoin Mining Council, which was set up in May in reaction to criticism about bitcoin’s energy consumption, especially from Elon Musk, found in its first report that over 50% of bitcoin’s energy comes from sustainables. Research by investment house CoinShares estimated that the number is much higher: 74% of bitcoin mining is powered by renewables, it said.

Bitcoin gets singled out for criticism. No other industry receives as much scrutiny, but in fact it is making better use of wasted or renewable energy sources than almost any other large-scale industry in the world."

[MultiVerse]

You've posted propaganda like that before. Percentagewise there is no increase in green BTC mining after the great China exodus. Just the opposite. For part of the year during the wet season, Chinese mining relied on hydro power. Now that's gone and as a result bitcoin mining is even more dependent on fossil fuels due to carbon intensive mining in places like Canada, Kazakhstan, and Iran making it even dirtier than before.

The Bitcoin Mining Council even threw in the towel on 'green' mining and chose instead to become a lobbying group focused on supporting fossil fuel mining.

[bennymac]

Bitcoin is great for the environment. I read that in Bitcoin Magazine.

[stalefish3169]

You've posted propaganda like that before. Percentagewise there has not been increase in green BTC mining after the great China exodus. Just the opposite. For part of the year during the wet season, Chinese mining relied on hydro powered mining. Now that's gone and as a result bitcoin mining has become even more dependent on fossil fuels due the rise in fossil fuel reliant Canadian, Kazakhstani, and Iranian mining making it even dirtier than before.


The Bitcoin Mining Council even threw in the towel on 'green' mining and chose instead to focus on spreading disinformation.

It's been my thesis for a few years now that BTC mining will facilitate green energy investment. This Forbes article supports that idea. But maybe it's "proaganda" like MultiVerse says.

https://www.forbes.com/sites/christo...h=efe651234cee

"Spence is one of an emerging cohort of American bitcoin miners who are turning one of the cryptocurrency’s biggest liabilities—its insatiable thirst for energy—into an asset. Whether they’re getting rid of waste fuels like gob, helping balance the electric grid in Texas or tapping into the flares at oil-and-gas fields, these cryptopower entrepreneurs are profiting by turning digital lemons into green lemonade. And with countries such as China, Indonesia and Iran moving either to severely restrict bitcoin mining or ban it altogether, the opportunity for domestic producers has never been greater. From just a 4% share two years ago, the U.S. has grown into the world’s second-largest miner, now accounting for 17% of all new bitcoins, according to the University of Cambridge Center for Alternative Finance. "